Essay On Product Life Cycle

1.2 product life cycle:
Successful goods and services, like people, pass through a series of stages from their initial appearance to death: this progression is known as the product life cycle. Humans grow from infants into children: they eventually become adults and gradually move to retirement age and, finally, death. The four stages through which successful products pass are introduction, growth, maturity, and decline. The product life cycle concept provides important insights for the marketing planner in anticipating development throughout the various stages of a product’s life. Knowledge that profits assume a predictable pattern throughout the various stages of a products life. Knowledge that profits assume a predictable pattern through the stages and that promotional emphasis must

Since marketing program will be modified at each stage in the life cycle, an understanding of the characteristics of all four product life cycle stages is critical in

Expanding the products abroad to reach out a completely untapped market can extend the product life cycle on a different level. Expanding aboard can be costly, because the product has to be introduced completely in a new market, but if the move is effective the company can bring in profits that give the product new life.
Marketing strategy implications of the product life cycle:
The product life cycle concept is a useful tool in designing a marketing strategy that is flexible enough to match the varying marketplace characteristics at different life cycle stages. For instance, knowledge that advertising emphasis will change from informative to persuasive as the products faces new competitors during the growth stage permits the markets to anticipated competitive actions and make necessary adjustments. These competitive moves may involve price, distribution, product variation, or promotion.
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